Bobby Lee, the co-founder of BTCC, China’s first cryptocurrency exchange, has a new startup called Ballet. The company ‘builds’ un-hackable Bitcoin and crypto wallets with no electronic parts, in a credit card-like form.
“Bobby, will you help me store my bitcoin for me?”
Lee told Yahoo Finance UK that he was tempted back into crypto when he noticed a gap in the market.
There are a lot of people who come to me and say: Bobby, will you help me store my bitcoin for me?
Thus, the idea for the Ballet REAL Wallet was born. With no electronic parts, the wallet, which stores your private keys, apparently can’t be hacked. It is intended to “allow normal people, regular people access to cryptocurrency.”
Lee explained, “It can be used as a gift to give someone or you can just store it in safe deposit box and hide it somewhere at home. This is completely offline, there’s no hacking risk.”
He went on to claim that, “It’s like cash. Once you load it with bitcoin, litecoin, ethereum, this device has everything it needs to access the funds.”
Hang on a second…
Ballet Raises $5 Million; Bobby Predicts $200,00 BTC
Ballet is said to have raised around $5 million in seed funding from Lee’s friends and family, as well as Silicon Valley venture capital fund Ribbit Capital.
Headquartered in Las Vegas, Ballet will begin shipping REAL wallets to beta testers in the next few weeks before the wider roll-out happens in October. Maximum selling price is pegged at $35 but will be initially available at a promotional price of $29.
When asked about what he thinks of the Bitcoin market’s current condition, Bobby said:
We are in one of many, many cycles to come. Any cycle will take us to higher and higher heights. I’m quite confident sitting on my bitcoin investment that in a very short amount of time we’ll exceed $20,000 and go to $50,000, $100,000, even $200,000.
He added: “When I say a short time, I don’t mean minutes or hours, I mean maybe months, if not a few years.”
Do you think Ballet bitcoin wallet will find success with cryptocurrency users? Please comment below.
Images via Bitcoinist Image Library, Ballet
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Author: Emilio Janus